Personal loans

Many high street banks have a minimum loan of £1000 – and do not cater for people with a less than perfect credit history.

There are many lenders who spend a fortune on advertising but this is reflected in the interest rates and fees that they charge.  A Credit Union loan may save you money and give you more cash to spend on the things that matter. You can grow your savings as you reduce your loan balance

Key features:

  • Easy to apply
  • No hidden costs
  • No application or early repayment charges
  • Affordable, flexible repayments
  • Competitive interest rates
  • Poor credit considered
  • You can grow your savings as you reduce your loan balance
  • The interest you pay stays in our local economy
  • You are borrowing from a not-for-profit organisation

Can I Apply?

  • The credit union cannot lend for business purposes or mortgages, and we do not lend to individuals to allow them to lend on to a third party, but apart from that we will consider loans for almost any purpose.
  • We don’t currently lend to those who are self-employed
  • When assessing a loan application, our main concern is understanding if the loan repayments are affordable
  • We do review your credit file and will usually ask to see recent bank statements and wage slips
  • Very recent credit file issues and/or unpaid items on your bank account may be a sign that you are struggling to afford existing commitments
  • If you are currently subject to an Individual Voluntary Arrangement, Debt Relief Order, Bankruptcy Order, Debt Management Plan or similar, we will not be able to lend
  • In some cases we will consider lending even where there is a very poor credit history
  • Generally, we will not consider a new loan application if you have applied within the last 6 months
  • If we approve a Credit Union Loan, a Personal Loan or a Family Loan we will ask you to save alongside your loan repayments
  • Before you borrow you may want to review this guidance from the Money Advice Service